Monday, July 21, 2008 Hard times offer good reason to get insurance - company
CONTRARY to what some people think, getting an insurance policy is not a privilege one can forego in these difficult economic times.
Sun Life Financial has launched a nationwide education campaign to correct this misconception and stress the importance of preparing today for future needs, like income loss as a result of death or illness, retirement and the education of one’s children.
Gregory Martin, Sun Life Financial chief strategic marketing officer, said the present economic difficulties—caused by rising prices of goods and fuel—provide good reason to get an insurance policy.
While the average income earner may point out that there’s hardly anything left of his or her salary after food, transportation, utility bills and other basic expenses, Martin said if a person considers the future important, he or she would make the necessary sacrifices.
“It’s a question of choice, priorities,” he said in a press conference following the launch of Sun Life’s “Amazing I” educational campaign last Friday. “(You ask yourself): How many Starbucks (coffee) or San Miguel (beer) I can drink,” he added.
He said if a person can set aside P50 a day, he or she will be able to save up to P1,500 a month, enough to pay for an insurance policy.
Future
“But we’re certainly not discouraging people to enjoy life,” but they should think of the future, he added.
Sun Life marketing officer Maya del Rosario noted that it is sad that in the Philippines, the population continues to grow but only very few are insured. On the other hand, she said, the “wave of consumerism” is growing stronger.
“(Many Filipinos) only realize the value of saving when it is too late,” she said.
Martin said many Filipinos think they would need about P20 million when they retire, “but only four out of 10 plan for retirement.”
In line with its “Amazing-I” educational campaign, Sun Life put up an info “ship” where people can provide basic personal facts—like average monthly expenses, number of children, age and risky habits (smoking, for one)—and find out how much they would need when they retire at a certain age.
The numbers could be daunting. A non-smoker at 36 who wants to retire at 65 and spends about P12,000 a month, for instance, would need a retirement fund of about P7 million, according to the “Amazing-I” calculator.
For many Filipinos reeling from inflation, saving up P7 million so they can retire comfortably would be impossible.
But Ellen Zuluaga, a sales unit manager of Sun Life, said the financial services and insurance company has various products that are made flexible to suit a particular client’s budget.
Martin also pointed out that while the global economy is slowing down, Sun Life remains “pretty bullish” and maintains a positive outlook of the Philippine economy.
While the Sun Life ship at Ayala Center Cebu was set to close yesterday for its next destination, del Rosario said those interested can check the “Amazing I” website. (LAP)
